HONG KONG: The MTR’s FY14 underlying net profit of HKD11,571m, up 34.5% y-y, was in line with Nomura’s forecast and 7% ahead of consensus.
According to a research note from Nomura, this is thanks to solid domestic railway (EBITDA +4%), mid-teens kiosk rental reversions, and a recovery in property development profits (from Austin Station project).
Meanwhile, while FY14 results beat Nomura’s and consensus estimates on both net profits and dividends, 2015F outlook also looks very solid.
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